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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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Tennenbaum Capital Partners last week sold $147.9m of publically rated debt backed by a potential direct lending portfolio to a handful of insurance companies, before any of the assets had been originated. In a hot CLO market, talk of more exotic financing structures and riskier collateral is growing. -
In a booming CLO market, managers have found a new bottleneck in the deal pipeline – squeezing their transactions in with rating agencies that are swamped with deals. The agencies are calling on veterans of the CDO market to help take on the challenge.
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Even before the rollback of risk retention rules has been confirmed, CLO managers have been rushing to include language in new deals that allows them to take advantage of a repeal, according to lawyers working on the deals.
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PGIM’s Ronni Neeman, vice-president, structured products, said that his institution was pushing CLO managers to put firmer terms on replacing Libor in their deal documents, cutting down on manager discretion — which could be used to lock in low fixed interest rates if the benchmark is no longer published after 2021.
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The Loan Syndication & Trading Association’s win over federal regulators exempting CLO managers from risk retention could be just the beginning for the loosening of regulatory reform, said market pros speaking at the SFIG Vegas conference on Monday.
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The capital markets industry is only just beginning to assess its exposure to the phase-out of Libor, expected at the end of 2021, and there isn’t an ideal replacement benchmark. In fact, there might not be by the time banks stop being compelled to make Libor submissions by the UK’s Financial Conduct Authority.
